ABU DHABI All that glitters is not gold -- even for a man who runs a $1 billion golden empire. Or why else would Firoz Merchant, chairman of Pure Gold Jewellers, give someone else’s debts a thought and go about clearing them?
The UAE-based Indian businessman, who has helped free 4,500 debt-laden prisoners from across the country’s jails by paying up over Dh1.5 million since 2011, said he has his reasons for embarking on the unlikely mission.
Having just cleared dues worth Dh300,000 to secure the release of 100 prisoners in time for Eid, he told XPRESS: “We all have expectations and aspire for a better life. But we are human and our calculations can go wrong.”
Second chance
He said he felt the need to reach out to debtors in jail as they were a forgotten segment. “Most of them are victims of financial crisis or circumstance. They are not bad people and deserve a second chance. The progress of science and technology has brought about many lifestyle changes which are not easy to meet. So people tend to take risks to fulfill them and in the process end up in prison.”
Merchant, who came to the UAE in 1989, said his decision to help debt-ridden prisoners also stemmed from a need to give back to the country. “I am told that the upkeep of a single prisoner in the UAE costs Dh200 a day. So securing the release of deserving cases is a small way of easing the burden on the system.” But Merchant only helps those prisoners whom the authorities recommend. “I strictly go by a list given to me by the officials. I do not entertain any private requests and direct anyone who approaches me to the authorities.”
However, Merchant said he makes time to meet some of the shortlisted prisoners to understand their problems. “I visit the jails from time to time and meet some of them. It moves me when I hear them telling me that they borrowed money for the health of their parents or to make ends meet for their families. Some complete their jail term but are forced to stay on because they are unable to repay their debt. We try to make a difference wherever we can.”
He said he regularly contributed to other causes, especially during natural disasters. “For instance, we built 40 houses at a cost of $200,00 for victims of the 2014 floods in Jammu and Kashmir. Similarly, we donated $50,000 to the Prime Minister’s Relief Fund in the aftermath of the 2013 Uttarkhand floods.”
Within the UAE too, he said he regularly donated to charities like the UAE Red Crescent and to public causes like health and education. Despite spearheading a retail business covering two factories, 125 stores and 3,500 employees, he said he made it a point to spend time with his wife, two children and four grandchildren. “I also find time to work out at the gym five times a week.”
An active horse rider, he said: “I ride five times a week during the winter months. The co-ordination skills I have learnt during horse riding has taught me the importance of striking the right balance in life.”
